Plus, cargo theft risks spikes ahead of Memorial Day, April sees drop in freight, a Wisconsin carrier and brokerage file for bankruptcy, and more.
ATA and ACT Research report declines in U.S. truck tonnage and trailer orders in April, as economic uncertainty and tariff pressures stall recovery across freight and equipment markets.
Trucking firm Elite Carriers and brokerage affiliate ECI Inc. have filed for Chapter 11 bankruptcy, joining three other entities owned by Kirk Ecklund in seeking protection.
Knight-Swift's profit dips in Q2 as U.S. freight demand dwindles and revenues across trucking units drop sharply.
Knight-Swift Transportation, the largest North American truckload carrier, reported a sharp fall in Q2 profit to $63.3 million, down from $219.5 million year-over-year, due to reduced U.S. freight demand.
Revenue fell 21% to $1.55 billion, with the core truckload segment dropping 15.5%. The company's freight brokerage logistics business revenue also declined by 52% due to a decrease in shipper loads.
Amid this downturn, Knight-Swift reduced its full-year earnings guidance, also factoring in a projected loss from U.S. Xpress, which it acquired earlier in the year. CEO David Jackson expects a normalization of imports and seasonality in coming quarters following an inventory destocking phase.
Source: WSJ
Freight markets giving off recession vibes.
— Craig Fuller 🛩🚛🚂⚓️ (@FreightAlley) July 22, 2023
Dave Jackson CEO of Knight-Swift on their conference call stated:
“I don’t know that we’ve ever seen freight demand fall this far so fast and for so long without an accompanying economic recession.” https://t.co/K2tuFbD6IR
ATA and ACT Research report declines in U.S. truck tonnage and trailer orders in April, as economic uncertainty and tariff pressures stall recovery across freight and equipment markets.
U.S. carriers say foreign B-1 visa truck drivers are illegally hauling domestic loads, undercutting rates and pushing small operators out of business.
A Connecticut man faces 13 counts of wire fraud for defrauding Amazon Logistics of over $3 million using fake trucking companies.
Fraudulent CDL schemes in Washington and Massachusetts reveal unqualified drivers passed with bribes.
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